QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2012

¨

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period
from to

Commission file number 001-32373

LAS VEGAS SANDS CORP.

(Exact name of registration as specified in its charter)

Nevada

27-0099920

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

3355 Las Vegas Boulevard South

Las Vegas, Nevada

89109

(Address of principal executive offices)

(Zip Code)

(702) 414-1000

(Registrants telephone number, including area code)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past
90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any,
every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such
files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated
filer, or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer x

Accelerated filer ¨

Non-accelerated filer ¨

Smaller reporting company ¨

(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). Yes ¨ No x

Indicate the number of shares outstanding of each of the Registrants classes of common stock, as of the latest
practicable date.

The accompanying condensed consolidated financial statements should be read in conjunction with the
consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of Las Vegas Sands Corp. (LVSC), a Nevada corporation, and its subsidiaries (collectively the Company) for the year ended
December 31, 2011. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (GAAP). In
the opinion of management, all adjustments and normal recurring accruals considered necessary for a fair statement of the results for the interim period have been included. The interim results reflected in the unaudited condensed consolidated
financial statements are not necessarily indicative of expected results for the full year. The Companys common stock is traded on the New York Stock Exchange under the symbol LVS.

In November 2009, the Companys subsidiary, Sands China Ltd. (SCL, the indirect owner and operator of
the majority of the Companys operations in the Macao Special Administrative Region (Macao) of the Peoples Republic of China), completed an initial public offering by listing its ordinary shares (the SCL Offering)
on The Main Board of The Stock Exchange of Hong Kong Limited (SEHK). Immediately following the SCL Offering and several transactions consummated in connection with such offering, the Company owned 70.3% of the issued and outstanding
ordinary shares of SCL. The shares of SCL were not, and will not, be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the U.S. absent a registration under the Securities Act of 1933, as amended, or an
applicable exception from such registration requirements.

Operations

Macao

The Company currently owns 70.3% of SCL, which includes the operations of The Venetian Macao, Four Seasons Macao, Sands Macao, Sands Cotai Central and other ancillary operations that support these
properties, as further discussed below. The Company operates the gaming areas within these properties pursuant to a 20-year gaming subconcession.

The Company owns and operates The Venetian Macao Resort Hotel (The Venetian Macao), which anchors the Cotai Strip, the Companys master-planned development of integrated resort properties
on an area of approximately 140 acres in Macao (consisting of parcels referred to as 1, 2, 3 and 5 and 6). The Venetian Macao (located on parcel 1) includes a 39-floor luxury hotel with over 2,900 suites; approximately 534,000 square feet of gaming
space; a 15,000-seat arena; an 1,800-seat theater; retail and dining space of approximately 1.0 million square feet; and a convention center and meeting room complex of approximately 1.2 million square feet.

The Company owns the Four Seasons Hotel Macao, Cotai Strip (the Four Seasons Hotel Macao), which features 360
rooms and suites managed and operated by Four Seasons Hotels Inc. and is located adjacent and connected to The Venetian Macao. Connected to the Four Seasons Hotel Macao, the Company owns and operates the Plaza Casino (together with the Four Seasons
Hotel Macao and located on parcel 2, the Four Seasons Macao), which features approximately 91,000 square feet of gaming space; 19 Paiza mansions; retail space of approximately 211,000 square feet, which is connected to the mall at
The Venetian Macao; several food and beverage offerings; and conference, banquet and other facilities. This integrated resort will also feature the Four Seasons Apartment Hotel Macao, Cotai Strip (the Four Seasons Apartments), an
apart-hotel tower that consists of approximately 1.0 million square feet of Four Seasons-serviced and -branded luxury apart-hotel units and common areas. The Company has completed the structural work of the tower and expects to monetize units
within the Four Seasons Apartments after the necessary government approvals are obtained and future demand warrants it.

The Company owns and operates the Sands Macao, the first Las Vegas-style casino in Macao. The Sands Macao offers approximately 197,000 square feet of gaming space and a 289-suite hotel tower, as well as
several restaurants, VIP facilities, a theater and other high-end services and amenities.

In April 2012, the
Company opened phase I of its Sands Cotai Central integrated resort (located on parcels 5 and 6), which is situated across the street from The Venetian Macao and Four Seasons Macao. Phase I consists of a hotel tower on parcel 5, which includes
approximately 600 five-star rooms and suites under the Conrad brand and approximately 1,200 four-star rooms and suites under the Holiday Inn brand. Phase I also includes completion of the structural work of an adjacent hotel tower, located on parcel
6, to be managed by Sheraton International Inc. and Sheraton Overseas Management Co. (collectively Starwood) under the Sheraton Towers brand; a variety of retail offerings; more than 300,000 square feet of meeting space; several food and
beverage establishments: along with the 106,000-square-foot casino and VIP gaming areas. Phase IIA, which is currently scheduled to open in the third quarter of 2012, includes the opening of the first hotel tower on parcel 6, which will feature up
to 2,500 Sheraton-branded rooms, along with the second casino and the remaining retail, entertainment, dining and meeting facilities. Phase IIB, which is projected to open in the first quarter of 2013, consists of the second hotel tower on parcel 6
and will feature an additional 1,500 rooms and suites under the Sheraton Towers brand. Upon completion of phases I and II of the project, the integrated resort will feature approximately 5,800 hotel rooms, approximately 300,000 square feet of gaming
space, approximately 1.2 million square feet of retail, entertainment, dining and exhibition and conference facilities, and a multipurpose theater. The total cost to complete phases I and II is expected to be approximately $950 million. Phase
III of the project is expected to include a fourth hotel and mixed-use tower, located on parcel 5, to be managed by Starwood under the St. Regis brand and the total cost to complete is expected to be approximately $450 million. The Company
intends to commence construction of phase III of the project as demand and market conditions warrant it. As of June 30, 2012, the Company has capitalized costs of $3.59 billion for the entire project, including the land premium (net of
amortization) and $212.3 million in outstanding construction payables.

The Company owns and operates the Marina Bay Sands in Singapore, which features three 55-story hotel towers (totaling
approximately 2,600 rooms and suites), the Sands SkyPark (which sits atop the hotel towers and features an infinity swimming pool and several dining options), approximately 160,000 square feet of gaming space, an enclosed retail, dining and
entertainment complex of approximately 800,000 net leasable square feet, a convention center and meeting room complex of approximately 1.2 million square feet, theaters and a landmark iconic structure at the bay-front promenade that contains an
art/science museum.

United States

Las Vegas

The Company owns and operates The Venetian
Resort Hotel Casino (The Venetian Las Vegas), a Renaissance Venice-themed resort; The Palazzo Resort Hotel Casino (The Palazzo), a resort featuring modern European ambience and design; and an expo and convention center of
approximately 1.2 million square feet (the Sands Expo Center). These Las Vegas properties, situated on or near the Las Vegas Strip, form an integrated resort with approximately 7,100 suites; approximately 225,000 square feet of
gaming space; a meeting and conference facility of approximately 1.1 million square feet; entertainment facilities; and enclosed retail, dining and entertainment complexes located within The Venetian Las Vegas (The Grand Canal
Shoppes), and The Palazzo (The Shoppes at The Palazzo), both of which were sold to GGP Limited Partnership (GGP). See  Note 2  Property and Equipment, Net regarding the sale of The
Shoppes at The Palazzo.

Pennsylvania

The Company owns and operates the Sands Casino Resort Bethlehem (the Sands Bethlehem), a gaming, hotel, retail
and dining complex located on the site of the historic Bethlehem Steel Works in Bethlehem, Pennsylvania. Sands Bethlehem currently features approximately 152,000 square feet of gaming space; a 300-room hotel tower, which opened in May 2011; a
150,000-square-foot retail facility, with a progressive opening that began in November 2011; an arts and cultural center; a 50,000-square-foot multipurpose event center, which opened in May 2012; and is the broadcast home of the local PBS affiliate.
Sands Bethlehem is also expected to be home to the National Museum of Industrial History. The Company owns 86% of the economic interest in the gaming, hotel and entertainment portion of the property through its ownership interest in Sands Bethworks
Gaming LLC and more than 35% of the economic interest in the retail portion of the property through its ownership interest in Sands Bethworks Retail LLC.

Development Projects

The Company has suspended portions of
its development projects and should general economic conditions fail to improve, if the Company is unable to obtain sufficient funding or applicable government approvals such that completion of its suspended projects is not probable, or should
management decide to abandon certain projects, all or a portion of the Companys investment to date on its suspended projects could be lost and would result in an impairment charge.

Macao

The Company submitted plans to the Macao government for its remaining Cotai Strip development (referred to as parcel 3), an integrated resort that will be connected to The Venetian Macao and Four Seasons
Macao. Subject to government approval, the integrated resort is intended to include a gaming area (to be operated under the Companys Macao gaming subconcession), hotel and shopping mall. The Company had commenced pre-construction activities
and has capitalized costs of $98.1 million, including the land premium (net of amortization), as of June 30, 2012. The Company intends to commence construction after the necessary government approvals are obtained. In addition, the Company
is completing the development of some public areas surrounding its Cotai Strip properties on behalf of the Macao government. The estimated overall cost of the project is currently not determinable with certainty.

Under the Companys land concession for parcel 3, the Company initially was required to complete the corresponding
development by August 2011, but subsequently was granted an extension from the Macao government, which extended the deadline until April 2013. In July 2012, the Macao government granted the Company an additional extension, which now requires the
development to be completed by April 2016. The land concession for Sands Cotai Central contains a similar requirement that the corresponding development be completed by May 2014. Should the Company determine that it is unable to complete the
developments by their respective deadlines, the Company intends to apply for extensions from the Macao government; however, no assurances can be given that extensions will be granted. If the Company is unable to meet these deadlines and the
deadlines are not extended, it could lose its land concessions for Sands Cotai Central or parcel 3, which would prohibit the Company from operating any facilities developed under the respective land concessions. As a result, the Company could record
a charge for all or some portion of its $3.59 billion or $98.1 million in capitalized construction costs and land premiums (net of amortization), as of June 30, 2012, related to Sands Cotai Central and parcel 3, respectively.

The Company was constructing a high-rise residential condominium tower (the Las Vegas Condo Tower), located on
the Las Vegas Strip between The Palazzo and The Venetian Las Vegas. The Company suspended construction activities for the project due to reduced demand for Las Vegas Strip condominiums and the overall decline in general economic conditions. The
Company intends to recommence construction when demand and conditions improve. As of June 30, 2012, the Company has capitalized construction costs of $178.8 million for this project. The impact of the suspension on the estimated overall cost of
the project is currently not determinable with certainty.

Other

The Company continues to aggressively pursue a variety of new development opportunities around the world.

Development Financing Strategy

Through June 30, 2012, the Company has funded its development projects primarily through borrowings under its U.S., Macao and Singapore credit facilities, operating cash flows, proceeds from its
equity offerings and proceeds from the disposition of non-core assets.

The U.S. credit facility, as amended
in August 2010, requires the Companys Las Vegas operations to comply with certain financial covenants at the end of each quarter, including maintaining a maximum leverage ratio of net debt, as defined, to trailing twelve-month adjusted
earnings before interest, income taxes, depreciation and amortization, as defined (Adjusted EBITDA). The maximum leverage ratio is 5.5x for the quarterly period ended June 30, 2012, and then decreases to 5.0x for all quarterly
periods thereafter through maturity. The Company can elect to contribute up to $50 million of cash on hand to its Las Vegas operations on a bi-quarterly basis; such contributions having the effect of increasing Adjusted EBITDA during the applicable
quarter for purposes of calculating compliance with the maximum leverage ratio (the EBITDA true-up). The Companys Macao credit facility (the 2011 VML Credit Facility) also requires the Companys Macao operations to
comply with similar financial covenants, which commenced with the quarterly period ended March 31, 2012, including maintaining a maximum leverage ratio of debt to Adjusted EBITDA. The maximum leverage ratio is 4.5x for the quarterly periods
ended June 30, 2012 through June 30, 2013, decreases to 4.0x for the quarterly periods ended September 30, 2013 through December 31, 2014, decreases to 3.5x for the quarterly periods ended March 31 through December 31,
2015, and then decreases to, and remains at, 3.0x for all quarterly periods thereafter through maturity. The Companys Singapore credit facility (the 2012 Singapore Credit Facility), entered into in June 2012, requires operations of
Marina Bay Sands to comply with similar financial covenants, commencing with the quarter ending September 30, 2012, including maintaining a maximum leverage ratio of debt to Adjusted EBITDA. The maximum leverage ratio is 4.0x for the quarterly
periods ending September 30, 2012 through September 30, 2013, decreases to 3.5x for the quarterly periods ending December 31, 2013 through December 31, 2014, and then decreases to, and remains at, 3.0x for all quarterly periods
thereafter through maturity. If the Company is unable to maintain compliance with the financial covenants under these credit facilities, it would be in default under the respective credit facilities. A default under the U.S. credit facility would
trigger a cross-default under the Companys airplane financings. Any defaults or cross-defaults under these agreements would allow the lenders, in each case, to exercise their rights and remedies as defined under their respective agreements. If
the lenders were to exercise their rights to accelerate the due dates of the indebtedness outstanding, there can be no assurance that the Company would be able to repay or refinance any amounts that may become due and payable under such agreements,
which could force the Company to restructure or alter its operations or debt obligations.

The Company held
unrestricted cash and cash equivalents of approximately $3.52 billion and restricted cash and cash equivalents of approximately $7.6 million as of June 30, 2012. The Company believes that the cash on hand, cash flow generated from operations
and available borrowings under its credit facilities will be sufficient to fund its development projects currently under construction and maintain compliance with the financial covenants of its U.S., Macao and Singapore credit facilities. In the
normal course of its activities, the Company will continue to evaluate its capital structure and opportunities for enhancements thereof. In November 2011, the Company completed its $3.7 billion 2011 VML Credit Facility, which was used to repay the
outstanding indebtedness under the VML and VOL credit facilities, as well as to continue to fund the development, construction and completion of certain components of Sands Cotai Central. In June 2012, the Company entered into its 5.1 billion
Singapore dollar (SGD, approximately $4.02 billion at exchange rates in effect on June 30, 2012) 2012 Singapore Credit Facility, which was used to repay the outstanding indebtedness under the prior Singapore credit facility (see
 Note 3  Long-term Debt  2012 Singapore Credit Facility).

In May 2011, the Financial
Accounting Standards Board (FASB) issued authoritative guidance that is intended to align the principles for fair value measurements and the related disclosure requirements under GAAP and international financial reporting standards. The
guidance is effective for interim and annual reporting periods beginning on or after December 15, 2011. The adoption of this guidance did not have a material effect on the Companys financial condition, results of operations or cash flows.

In June 2011, the FASB issued authoritative guidance that amends the presentation of comprehensive income in
the financial statements by requiring an entity to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two
separate but consecutive statements. The guidance also eliminates the option to present the components of other comprehensive income as part of the statement of equity. The guidance is effective for interim and annual reporting periods beginning on
or after December 15, 2011, with early adoption permitted. See the condensed consolidated statements of comprehensive income for the required presentation.

In July 2012, the FASB issued authoritative guidance that is intended to simplify testing indefinite-lived intangible
assets other than goodwill for impairment. The revised standard allows companies to perform a qualitative assessment to determine whether further impairment testing of indefinite-lived intangible assets is necessary. An entity is not required to
calculate the fair value of an indefinite-lived intangible asset and perform the quantitative impairment test unless the entity determines that it is more-likely-than-not that the asset is impaired. The guidance is effective for interim
and annual impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The adoption of this guidance will not have a material effect on the Companys financial condition, results of
operations or cash flows.

NOTE 2  PROPERTY AND EQUIPMENT, NET

Property and equipment consists of the following (in thousands):

June 30,

December 31,

2012

2011

Land and improvements

$

474,351

$

436,768

Building and improvements

13,010,117

11,456,407

Furniture, fixtures, equipment and leasehold improvements

2,333,901

2,147,326

Transportation

411,641

405,156

Construction in progress

2,586,898

3,677,479

18,816,908

18,123,136

Less  accumulated depreciation and amortization

(3,516,988

)

(3,092,157

)

$

15,299,920

$

15,030,979

Construction in progress consists of the following (in thousands):

June 30,

December 31,

2012

2011

Sands Cotai Central

$

1,850,121

$

2,902,743

Four Seasons Macao (principally the Four Seasons Apartments)

410,197

404,650

Other

326,580

370,086

$

2,586,898

$

3,677,479

The $326.6 million in other construction in progress consists primarily of construction of the Las
Vegas Condo Tower and the Cotai Strip parcel 3.

Under generally accepted accounting principles, the sale of
The Shoppes at The Palazzo has not been accounted for as a sale because the Companys participation in certain future revenues constitutes continuing involvement in The Shoppes at The Palazzo. Therefore, $266.2 million of the proceeds allocated
to the mall sale transaction has been recorded as deferred proceeds (a long-term financing obligation), which will accrue interest at an imputed rate and will be offset by (i) imputed rental income and (ii) rent payments made to GGP
related to spaces leased back from GGP by the Company. The property and equipment legally sold to GGP totaling $257.4 million (net of $53.9 million of accumulated depreciation) as of June 30, 2012, will continue to be recorded on the
Companys condensed consolidated balance sheet and will continue to be depreciated in the Companys condensed consolidated income statement.

During the three and six months ended June 30, 2012 and the three and six months ended June 30, 2011, the Company capitalized interest expense of $12.3 million, $34.4 million, $31.8 million and
$62.4 million, respectively. During the three and six months ended June 30, 2012 and the three and six months ended June 30, 2011, the Company capitalized approximately $3.7 million, $8.0 million, $5.5 million and $16.8 million,
respectively, of internal costs, consisting primarily of compensation expense for individuals directly involved with the development and construction of property.

The Company had commenced pre-construction activities on its Cotai Strip
development referred to as parcels 7 and 8. During December 2010, the Company received notice from the Macao government that its application for a land concession for parcels 7 and 8 was not approved and the Company applied to the Chief Executive of
Macao for an executive review of the decision. In January 2011, the Company filed a judicial appeal with the Court of Second Instance in Macao. In May 2012, the Company withdrew its appeal and recorded an impairment loss of $100.7 million during the
three and six months ended June 30, 2012, related to the capitalized construction costs of its development on parcels 7 and 8.

During the six months ended June 30, 2012, the Company recorded a one-time impairment loss of $42.9 million related to the termination of the ZAiA show at The Venetian Macao.

The Company suspended portions of its development projects. As described in  Note
1  Organization and Business of Company  Development Projects, the Company may be required to record an impairment charge related to these developments in the future.

NOTE 3  LONG-TERM DEBT

Long-term debt consists of the following (in thousands):

June 30,2012

December 31,2011

Corporate and U.S. Related:

Senior Secured Credit Facility  Term B

$

1,825,634

$

2,135,504

Senior Secured Credit Facility  Delayed Draws I and II

609,618

713,089

6.375% Senior Notes (net of original issue discount of $547)



189,165

Airplane Financings

72,891

74,734

HVAC Equipment Lease

20,499

21,337

Other

2,503

2,958

Macao Related:

2011 VML Credit Facility

3,208,458

3,206,010

Ferry Financing



140,268

Other

8,098

306

Singapore Related:

2012 Singapore Credit Facility

3,625,516



Singapore Credit Facility



3,548,162

Other

996

1,444

9,374,213

10,032,977

Less  current maturities

(97,737

)

(455,846

)

Total long-term debt

$

9,276,476

$

9,577,131

Senior Secured Credit Facility

In June 2012, the Company paid down $400.0 million under the Senior Secured Credit Facility and recorded a $1.6 million
loss on early retirement of debt during the three and six months ended June 30, 2012. As of June 30, 2012, the Company had $520.6 million of available borrowing capacity under the Senior Secured Credit Facility, net of outstanding letters
of credit.

Senior Notes

In March 2012, the Company redeemed the Senior Notes for $191.7 million and recorded a $2.8 million loss on
early retirement of debt during the six months ended June 30, 2012.

2011 VML Credit Facility

As of June 30, 2012, the Company had $500.0 million of available borrowing capacity under the 2011 VML Credit
Facility.

Ferry Financing

In May 2012, the Company repaid the $131.6 million outstanding balance under the Ferry Financing and recorded a
$1.7 million loss on early retirement of debt during the three and six months ended June 30, 2012.

In June 2012, borrowings under the new 2012 Singapore Credit Facility (as further described below) were used to repay the
outstanding balance under the Singapore Credit Facility. The Company recorded a $13.1 million loss on modification and early retirement of debt during the three and six months ended June 30, 2012, as part of the refinancing of the facility.

2012 Singapore Credit Facility

In June 2012, the Companys wholly owned subsidiary, Marina Bay Sands Pte. Ltd. (MBS), entered into a SGD
5.1 billion (approximately $4.02 billion at exchange rates in effect on June 30, 2012) credit agreement, providing for a fully funded SGD 4.6 billion (approximately $3.63 billion at exchange rates in effect on June 30,
2012) term loan (the 2012 Singapore Term Facility) and a SGD 500.0 million (approximately $394.1 million at exchange rates in effect on June 30, 2012) revolving facility (the 2012 Singapore Revolving Facility)
that is available until November 25, 2017, which includes a SGD 100.0 million (approximately $78.8 million at exchange rates in effect on June 30, 2012) ancillary facility (the 2012 Singapore Ancillary Facility). As
of June 30, 2012, the Company had SGD 493.3 million (approximately $388.8 million at exchange rates in effect on June 30, 2012) available for borrowing, net of outstanding letters of credit.

The indebtedness under the 2012 Singapore Credit Facility is collateralized by a first-priority security interest in
substantially all of MBSs assets, other than capital stock and similar ownership interests, certain furniture, fixtures, fittings and equipment and certain other excluded assets.

The 2012 Singapore Term Facility matures on June 25, 2018, with MBS required to repay or prepay the 2012 Singapore
Credit Facility under certain circumstances. Commencing September 30, 2014, and at the end of each quarter thereafter, MBS is required to repay the outstanding 2012 Singapore Term Facility in an amount increasing from 2.0% (September 30, 2014)
to 8.0% (March 31, 2017 to March 31, 2018) of the aggregate principal amount outstanding of SGD 4.6 billion (approximately $3.63 billion at exchange rates in effect on June 30, 2012). The remaining balance on the 2012
Singapore Term Facility is due on the maturity date. The 2012 Singapore Revolving Facility matures on December 25, 2017, and has no interim amortization payments.

Borrowings under the 2012 Singapore Credit Facility bear interest at the Singapore Swap Offered Rate (SOR)
plus a spread of 1.85% (set at approximately 2.2% as of June 30, 2012) until December 22, 2012 (the first 180 days after the closing date). Beginning December 23, 2012, the spread for all outstanding loans is subject to reduction
based on a ratio of debt to Adjusted EBITDA. MBS pays a standby commitment fee of 35% to 40% of the spread per annum on all undrawn amounts under the 2012 Singapore Revolving Facility.

The 2012 Singapore Credit Facility contains affirmative and negative covenants customary for such financings, including,
but not limited to, limitations on liens, indebtedness, loans and guarantees, investments, acquisitions and asset sales, restricted payments, affiliate transactions and use of proceeds from the facilities. The 2012 Singapore Credit Facility also
requires MBS to comply with financial covenants, including maximum ratios of total indebtedness to Adjusted EBITDA, minimum ratios of Adjusted EBITDA to interest expense and a positive net worth requirement. The 2012 Singapore Credit Facility also
contains events of default customary for such financings.

The estimated fair value of the Companys long-term debt as of June 30, 2012 and December 31, 2011, was
approximately $9.08 billion and $9.48 billion, respectively, compared to its carrying value of $9.34 billion and $10.01 billion, respectively. The estimated fair value of the Companys long-term debt is based on level 2 inputs (quoted
prices in markets that are not active).

NOTE 4  EQUITY AND EARNINGS PER SHARE

Preferred Stock and Warrants

On February 15, 2011, the Company paid a dividend of $2.50 per preferred share, totaling $19.6 million (of which $13.1 million was paid to the Principal Stockholders family). On May 16,
2011, the Company paid a dividend of $2.50 per preferred share, totaling $19.2 million (of which $13.1 million was paid to the Principal Stockholders family).

On March 2, 2012, the Principal Stockholders family exercised all of their outstanding warrants to purchase
87,500,175 shares of the Companys common stock for $6.00 per share and paid $525.0 million in cash as settlement of the warrant exercise price. Additionally, during the six months ended June 30, 2012, 13,970 warrants were exercised
to purchase an aggregate of 232,999 shares of the Companys common stock at $6.00 per share and $1.4 million in cash was received as settlement of the warrant exercise price.

During the six months ended June 30, 2011, holders of preferred stock exercised 1,229,100 warrants to purchase an
aggregate of 20,485,036 shares of the Companys common stock at $6.00 per share and tendered 1,161,500 shares of preferred stock and $6.8 million in cash as settlement of the warrant exercise price. In conjunction with certain of these
transactions, the Company paid $16.5 million in premiums to induce the exercise of warrants with settlement through tendering preferred stock. During the six months ended June 30, 2011, the Company also repurchased and retired 47,300 shares of
preferred stock for $5.3 million and recorded a $2.6 million repurchase premium as part of the transaction.

Common Stock Dividends

On March 30 and June 29, 2012, the Company paid a dividend of $0.25 per common share as part of
a regular cash dividend program. During the six months ended June 30, 2012, the Company recorded $411.5 million as a distribution against retained earnings (of which $215.7 million related to the Principal Stockholders family). Of this
amount, approximately $0.9 million has been recorded as a liability as of June 30, 2012, which will be paid to holders of unvested restricted stock and stock units upon vesting.

In July 2012, the Companys Board of Directors declared a quarterly dividend of $0.25 per common share (a total
estimated to be approximately $206 million) to be paid on September 28, 2012, to shareholders of record on September 20, 2012.

Other Equity Transactions

Subsequent to June 30, 2012, the Company purchased a Boeing 747 airplane from an entity controlled by the Principal Stockholder for $34.0 million, based on independent third party appraisals. In
accordance with accounting standards regarding transactions between entities under common control, the Company will record the cost of the airplane at the Principal Stockholders book value at the date of the transaction, which was $15.4
million. The $18.6 million difference between the amount paid and the book value of the airplane (a gain to the Principal Stockholder) will be recorded as a deemed distribution to the Principal Stockholder.

The Company believes that the purchase of the airplane allows it to meet the increased demand for high-end premium direct
customer travel driven from the Companys expanding global gaming operations and is an important component in creating the ultimate trans-Pacific transportation experience for its customers. The Company believes it would have been more costly
to acquire the airplane in the open market due to the limited supply of similar aircraft with luxury features.

Noncontrolling Interests

On February 28 and June 22, 2012, SCL paid a dividend of 0.58 Hong Kong dollars per share (a
total of $1.20 billion) to SCL shareholders (of which the Company retained $844.4 million). In addition, during the six months ended June 30, 2012, the Company distributed $5.1 million to certain of its noncontrolling interests.

Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share)

826,102,326

811,274,706

822,458,833

811,243,195

Antidilutive stock options, warrants and restricted stock and stock units excluded from the calculation of diluted earnings per
share

4,681,204

5,981,719

4,681,204

6,515,362

Accumulated Other Comprehensive Income

As of June 30, 2012 and December 31, 2011, accumulated other comprehensive income consisted solely of foreign currency translation adjustments.

NOTE 5  VARIABLE INTEREST ENTITIES

The Company consolidates any variable interest entities (VIEs) in which it is the primary
beneficiary and discloses significant variable interests in VIEs of which it is not the primary beneficiary, if any, which management determines such designation based on accounting standards for VIEs.

The Company has entered into various joint venture agreements with independent third parties. The operations of these
joint ventures have been consolidated by the Company due to the Companys significant investment in these joint ventures, its power to direct the activities of the joint ventures that would significantly impact their economic performance and
the obligation to absorb potentially significant losses or the rights to receive potentially significant benefits from these joint ventures. The Company evaluates its primary beneficiary designation on an ongoing basis and will assess the
appropriateness of the VIEs status when events have occurred that would trigger such an analysis.

As of
June 30, 2012 and December 31, 2011, the Companys joint ventures had total assets of $108.8 million and $108.4 million, respectively, and total liabilities of $111.7 million and $104.3 million, respectively.

NOTE 6  INCOME TAXES

The Companys major tax jurisdictions are the U.S., Macao and Singapore. In 2010 and 2011, the
Internal Revenue Service (IRS) issued Revenue Agents Reports for tax years 2005 through 2008 and 2009, respectively, of which the Company is appealing certain adjustments proposed by the IRS. The Company believes it is reasonably
possible that the total amount of unrecognized tax benefits as of June 30, 2012, may decrease by a range of $0 to $17 million within the next twelve months primarily due to the possible settlement of matters presently under consideration at
appeals in connection with the IRS audit of the Companys 2005 through 2009 consolidated federal income tax returns. The Company is subject to examination for tax years after 2006 in Macao and Singapore and for tax years after 2009 in the U.S.
The Company believes it has adequately reserved for its uncertain tax positions; however, there is no assurance that the taxing authorities will not propose adjustments that are different from the Companys expected outcome and impact the
provision for income taxes.

During the six months ended June 30, 2012, certain wholly owned foreign
subsidiaries paid dividends resulting in incremental U.S. taxable income. The receipt of the dividends did not result in a cash tax liability for the Company as the incremental U.S. taxable income was fully offset by the utilization of the U.S.
federal net operating loss and the U.S. foreign tax credits generated as a result of the dividends. In addition, the dividends generated excess U.S. foreign tax credits that will be available to be carried forward to tax years beyond 2012. The
Company recorded valuation allowances on the net deferred tax assets of its U.S. operations and certain foreign jurisdictions. Management will reassess the realization of deferred tax assets based on the accounting standards for income taxes each
reporting period. To the extent it becomes more-likely-than-not that the deferred tax assets are realizable, the Company will be able to reduce the valuation allowance.

The Company received a 5-year income tax exemption in Macao that exempts the Company from paying corporate income tax on
profits generated by gaming operations. The Company will continue to benefit from this tax exemption through the end of 2013. During July 2012, Venetian Macau Limited (VML) requested an additional 5-year income tax exemption; however,
there is no assurance that the Company will receive the extension. In February 2011, the Company entered into an agreement with the Macao government, effective through the end of 2013 that provides for an annual payment of 14.4 million patacas
(approximately $1.8 million at exchange rates in effect on June 30, 2012) that is a substitution for a 12% tax otherwise due from VML shareholders on dividend distributions paid from VML gaming profits.

The fair value of each option grant was estimated on the grant date using the Black-Scholes
option-pricing model with the following weighted average assumptions:

Three Months Ended

Six Months Ended

June 30,

June 30,

2012

2011

2012

2011

LVSC 2004 Plan:

Weighted average volatility

95.2

%

95.1

%

95.2

%

94.4

%

Expected term (in years)

5.3

6.3

5.4

6.3

Risk-free rate

1.1

%

2.4

%

1.1

%

2.7

%

Expected dividends

1.8

%



%

1.8

%



%

SCL Equity Plan:

Weighted average volatility

70.2

%

68.4

%

70.3

%

68.7

%

Expected term (in years)

6.3

6.3

6.2

6.3

Risk-free rate

0.5

%

1.6

%

0.6

%

1.6

%

Expected dividends

4.2

%



%

4.1

%



%

NOTE 8  FAIR VALUE MEASUREMENTS

Under applicable accounting guidance, fair value is defined as the exit price, or the amount that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance also establishes a valuation hierarchy for inputs in measuring fair value
that maximizes the use of observable inputs (inputs market participants would use based on market data obtained from sources independent of the Company) and minimizes the use of unobservable inputs (inputs that reflect the Companys assumptions
based upon the best information available in the circumstances) by requiring that the most observable inputs be used when available. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs
are quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the assets or
liabilities, either directly or indirectly. Level 3 inputs are unobservable inputs for the assets or liabilities. Categorization within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The following table provides the assets carried at fair value (in
thousands):

Fair Value Measurements Using:

Total CarryingValue

Quoted MarketPrices in ActiveMarkets (Level 1)

Significant OtherObservable
Inputs(Level 2)

SignificantUnobservableInputs (Level 3)

As of June 30, 2012

Cash equivalents(1)

$

1,797,939

$

1,797,939

$



$



Interest rate caps(2)

$

371

$



$

371

$



As of December 31, 2011

Cash equivalents(1)

$

2,766,796

$

2,766,796

$



$



Interest rate caps(2)

$

1,195

$



$

1,195

$



(1)

The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days.

(2)

As of June 30, 2012 and December 31, 2011, the Company has 36 and 38 interest rate cap agreements, respectively, with an aggregate fair value of
approximately $0.4 million and $1.2 million, respectively, based on quoted market values from the institutions holding the agreements.

NOTE 9  COMMITMENTS AND CONTINGENCIES

Litigation

The Company is involved in other litigation in addition to those noted below, arising in the normal course of business. Management has made certain estimates for potential litigation costs based upon
consultation with legal counsel. Actual results could differ from these estimates; however, in the opinion of management, such litigation and claims will not have a material effect on the Companys financial condition, results of operations or
cash flows.

On October 15, 2004, Richard Suen and Round Square Company Limited filed an action against
LVSC, Las Vegas Sands, Inc. (LVSI), Sheldon G. Adelson and William P. Weidner in the District Court of Clark County, Nevada, asserting a breach of an alleged agreement to pay a success fee of $5.0 million and 2.0% of the net profit
from the Companys Macao resort operations to the plaintiffs as well as other related claims. In March 2005, LVSC was dismissed as a party without prejudice based on a stipulation to do so between the parties. Pursuant to an order filed
March 16, 2006, plaintiffs fraud claims set forth in the first amended complaint were dismissed with prejudice against all defendants. The order also dismissed with prejudice the first amended complaint against defendants Sheldon G.
Adelson and William P. Weidner. On May 24, 2008, the jury returned a verdict for the plaintiffs in the amount of $43.8 million. On June 30, 2008, a judgment was entered in this matter in the amount of $58.6 million (including
pre-judgment interest). The Company appealed the verdict to the Nevada Supreme Court. On November 17, 2010, the Nevada Supreme Court reversed the judgment and remanded the case to the District Court of Clark County for a new trial. In its
decision reversing the monetary judgment against the Company, the Nevada Supreme Court also made several other rulings which may affect the outcome of the new trial, including overturning the pre-trial dismissal of the plaintiffs breach of
contract claim and deciding several evidentiary matters, some of which confirmed and some of which overturned rulings made by the District Court of Clark County. On February 27, 2012, the District Court of Clark County set a date of
March 25, 2013, for the new trial. As such, the Company is unable at this time to determine the probability of the outcome or range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On October 20, 2010, Steven C. Jacobs, the former Chief Executive Officer of SCL, filed an action against LVSC and
SCL in the District Court of Clark County, Nevada, alleging breach of contract against LVSC and SCL and breach of the implied covenant of good faith and fair dealing and tortious discharge in violation of public policy against LVSC. On
March 16, 2011, an amended complaint was filed, which added Sheldon G. Adelson as a defendant and alleged a claim of defamation per se against him, LVSC and SCL. On June 9, 2011, the District Court of Clark County dismissed the defamation
claim and certified the decision as to Sheldon G. Adelson as a final judgment. On July 1, 2011, the plaintiff filed a notice of appeal regarding the final judgment as to Sheldon G. Adelson. On August 26, 2011, the Nevada Supreme Court
issued a writ of mandamus instructing the District Court of Clark County to hold an evidentiary hearing on whether personal jurisdiction exists over SCL and stayed the case until after the district courts decision. On January 17, 2012,
Mr. Jacobs filed his opening brief with the Supreme Court of Nevada regarding his appeal of the defamation claim against Mr. Adelson. On January 30, 2012, Mr. Adelson filed his reply to Mr. Jacobs opening brief. On
March 8, 2012, the District Court of Clark County set a hearing date for the week of June 25-29, 2012, for the evidentiary hearing on personal jurisdiction over SCL. On May 24, 2012, the District Court of Clark County vacated the
hearing date previously set for June 25-29 and set a status conference for June 28, 2012. At the June 28 status hearing, the District Court of Clark County set out a hearing schedule to resolve a discovery dispute and did not reset a
date for the jurisdictional hearing. Mr. Jacobs is seeking unspecified damages. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the
outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On February 9, 2011, LVSC received a subpoena from the Securities
and Exchange Commission requesting that the Company produce documents relating to its compliance with the Foreign Corrupt Practices Act (the FCPA). The Company has also been advised by the Department of Justice that it is conducting a
similar investigation. It is the Companys belief that the subpoena may have emanated from allegations contained in the lawsuit filed by Steven C. Jacobs described above. The Company is cooperating with the investigations. Based on proceedings
to date, management is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any.

On May 24, 2010, Frank J. Fosbre, Jr. filed a purported class action complaint in the United States District Court for the District of Nevada (the U.S. District Court), against LVSC,
Sheldon G. Adelson, and William P. Weidner. The complaint alleged that LVSC, through the individual defendants, disseminated or approved materially false information, or failed to disclose material facts, through press releases, investor conference
calls and other means from August 1, 2007 through November 6, 2008. The complaint sought, among other relief, class certification, compensatory damages and attorneys fees and costs. On July 21, 2010, Wendell and Shirley Combs
filed a purported class action complaint in the U.S. District Court, against LVSC, Sheldon G. Adelson, and William P. Weidner. The complaint alleged that LVSC, through the individual defendants, disseminated or approved materially false information,
or failed to disclose material facts, through press releases, investor conference calls and other means from June 13, 2007 through November 11, 2008. The complaint, which was substantially similar to the Fosbre complaint, discussed above,
sought, among other relief, class certification, compensatory damages and attorneys fees and costs. On August 31, 2010, the U.S. District Court entered an order consolidating the Fosbre and Combs cases, and appointed lead plaintiffs and
lead counsel. As such, the Fosbre and Combs cases are reported as one consolidated matter. On November 1, 2010, a purported class action amended complaint was filed in the consolidated action against LVSC, Sheldon G. Adelson and William P.
Weidner. The amended complaint alleges that LVSC, through the individual defendants, disseminated or approved materially false and misleading information, or failed to disclose material facts, through press releases, investor conference calls and
other means from August 2, 2007 through November 6, 2008. The amended complaint seeks, among other relief, class certification, compensatory damages and attorneys fees and costs. On January 10, 2011, the defendants filed a
motion to dismiss the amended complaint, which, on August 24, 2011, was granted in part, and denied in part, with the dismissal of certain allegations. On November 7, 2011, the defendants filed their answer to the allegations remaining in
the amended complaint. On July 11, 2012, the U.S. District Court issued an order allowing Defendants Motion for Partial Reconsideration of the Courts Order dated August 24, 2011, striking additional portions of the
plaintiffs complaint and reducing the class period to a period of February 4 to November 6, 2008. The discovery process has also begun. This consolidated action is in a preliminary stage and management has determined that based on
proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On March 9, 2011, Benyamin Kohanim filed a shareholder derivative action (the Kohanim action) on behalf
of the Company in the District Court of Clark County, Nevada, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of
Directors at the time. The complaint alleges, among other things, breach of fiduciary duties in failing to properly implement, oversee and maintain internal controls to ensure compliance with the FCPA. The complaint seeks to recover for the Company
unspecified damages, including restitution and disgorgement of profits, and also seeks to recover attorneys fees, costs and related expenses for the plaintiff. On April 18, 2011, Ira J. Gaines, Sunshine Wire and Cable Defined Benefit
Pension Plan Trust dated 1/1/92 and Peachtree Mortgage Ltd. filed a shareholder derivative action (the Gaines action) on behalf of the Company in the District Court of Clark County, Nevada, against Sheldon G. Adelson, Jason N. Ader,
Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time. The complaint raises substantially similar claims as alleged in the Kohanim action. The
complaint seeks to recover for the Company unspecified damages, and also seeks to recover attorneys fees, costs and related expenses for the plaintiffs. The Kohanim and Gaines actions have been consolidated and are reported as one consolidated
matter. On July 25, 2011, the plaintiffs filed a first verified amended consolidated complaint. The plaintiffs have twice agreed to stay the proceedings. A 120-day stay was entered by the court in October 2011. It was extended for another
90 days in February 2012 and expired in May 2012. The parties agreed to an extension of the May 2012 deadline that was filed on July 5, 2012, and will expire on October 3, 2012. This consolidated action is in a preliminary
stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter
vigorously.

On April 1, 2011, Nasser Moradi, Richard Buckman, Douglas Tomlinson and Matt Abbeduto filed
a shareholder derivative action (the Moradi action), as amended on April 15, 2011, on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo,
Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time. The complaint raises substantially similar claims as alleged in the Kohanim and Gaines actions. The complaint seeks to recover for the
Company unspecified damages, including exemplary damages and restitution, and also seeks to recover attorneys fees, costs and related expenses for the plaintiffs. On April 18, 2011, the Louisiana Municipal Police Employees Retirement
System filed a shareholder derivative action (the LAMPERS action) on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey
H. Schwartz and Irwin A. Siegel, the members of the Board of Directors at the time, and Wing T. Chao, a former member of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim, Moradi and Gaines actions.
The complaint seeks to recover for the Company unspecified damages, and also seeks to recover attorneys fees, costs and related expenses for the plaintiff. On April 22, 2011, John Zaremba filed a shareholder derivative action (the
Zaremba action) on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the members of
the Board of Directors at the time, and Wing T. Chao, a former member of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim, Moradi, Gaines and LAMPERS actions. The complaint seeks to recover for the
Company unspecified damages, including restitution, disgorgement of profits and injunctive relief, and also seeks to recover attorneys fees, costs and related expenses for the plaintiff. On August 25, 2011, the U.S. District Court
consolidated the Moradi, LAMPERS and Zaremba actions and such actions are reported as one consolidated matter. On November 17, 2011, the defendants filed a motion to dismiss or alternatively to stay the federal action due to the parallel state
court action described above. This consolidated action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of
reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On March 23, 2012, Ernest Kleinschmidt filed a shareholder
derivative action (the Kleinschmidt action) on behalf of the Company in the District Court of Clark County, Nevada, against Sheldon G. Adelson, Michael A. Leven, Irwin A. Siegel, Jeffrey H. Schwartz, Jason N. Ader, Charles D. Forman,
Irwin Chafetz and George P. Koo, who are currently members of the Board of Directors, and Wing T. Chao, Andrew R. Heyer, James Purcell, Bradley H. Stone and William P. Weidner, who are former members of the Board of Directors and/or executives of
the Company. The complaint alleges, among other things, breach of fiduciary duties for disseminating false and misleading information, failure to maintain internal controls and failing to properly oversee and manage the Company, and unjust
enrichment. The complaint seeks, among other relief, unspecified damages, direction to LVSC to take unspecified actions to improve its corporate governance and internal procedures, restitution and disgorgement of profits, and attorneys fees,
costs and related expenses for the plaintiff. On June 29, 2012, the defendants who had been served at that time including nominal defendant LVSC and defendants Michael A. Leven, Irwin A. Siegel, Jason N. Ader, Charles D. Forman, Irwin Chafetz,
George P. Koo, James Purcell, Bradley H. Stone and William P. Weidner filed a motion to dismiss. On July 20 and July 25, 2012, defendants Jeffery H. Schwartz and Wing T. Chao, respectively, each filed a substantially similar motion to
dismiss. This action is in a preliminary stage and management had determined that based on proceedings to date, it is unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company
intends to defend this matter vigorously.

On January 19, 2012, Asian American Entertainment Corporation,
Limited (AAEC) filed a claim (the Macao action) with the Macao Judicial Court (Tribunal Judicial de Base) against VML, LVS (Nevada) International Holdings, Inc. (LVS (Nevada)), Las Vegas Sands, LLC
(LVSLLC) and Venetian Casino Resort, LLC (VCR, and collectively, the Defendants). The claim is for 3.0 billion patacas (approximately $375.5 million at exchange rates in effect on June 30, 2012) as
compensation for damages resulting from the alleged breach of agreements entered into between AAEC and the Defendants for their joint presentation of a bid in response to the public tender held by the Macao government for the award of gaming
concessions at the end of 2001. On July 4, 2012, the defendants filed their defense to the Macao action with the Macao Judicial Court. The Macao action is in a preliminary stage and management has determined that based on proceedings to date,
it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

As previously disclosed by the Company, on February 5, 2007, AAEC brought a similar claim (the Prior
Action) in the U.S. District Court, against Las Vegas Sands Inc. (now known as Las Vegas Sands, LLC), VCR and Venetian Venture Development, LLC, which are subsidiaries of the Company, and William P. Weidner and David Friedman, who are former
executives of the Company. The U.S. District Court entered an order on April 16, 2010, dismissing the Prior Action. On April 20, 2012, LVSLLC, VCR and LVS (Nevada) filed an injunctive action (the Nevada Action) against AAEC in
the U.S. District Court seeking to enjoin AAEC from proceeding with the Macao Action based on AAECs filing, and the U.S. District Courts dismissal, of the Prior Action. On June 14, 2012, the U.S. District Court issued an order that
denied the motions requesting the Nevada Action, thereby effectively dismissing the Nevada Action.

On
August 1, 2012, SCL filed an announcement with the SEHK stating that SCLs subsidiary, VML, has received a notification from the Office for Personal Data Protection of the Macao government (the OPDP) indicating that the OPDP
has launched an official investigation procedure in relation to the alleged transfer from Macao by VML to the United States of certain data. The Company intends to cooperate with the investigation. Based on proceedings to date, management is
currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any.

The Company has received subpoenas from the U.S. Attorneys Office requesting the production of documents relating to two prior customers of the Companys properties. The Company is
cooperating with the U.S. Attorneys Office on these matters. Based on proceedings to date, management is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any.

Other Agreements

The Companys agreement with Starwood related to the Las Vegas Condo Tower has been terminated in connection with the suspension of the project and management is currently evaluating alternatives for
branding the project. If the Company is unsuccessful in rebranding its Las Vegas Condo Tower, such measures could have a material adverse effect on the Companys financial condition, results of operations and cash flows.

The Companys principal operating and developmental activities occur in three geographic areas:
Macao, Singapore and the U.S. The Company reviews the results of operations for each of its operating segments: The Venetian Macao; Sands Macao; Four Seasons Macao; Sands Cotai Central; Other Asia (comprised primarily of the Companys ferry
operations and various other operations that are ancillary to the Companys properties in Macao); Marina Bay Sands; The Venetian Las Vegas, which includes the Sands Expo Center; The Palazzo; and Sands Bethlehem. The Venetian Las Vegas and The
Palazzo operating segments are managed as a single integrated resort and have been aggregated as one reportable segment (the Las Vegas Operating Properties), considering their similar economic characteristics, types of customers, types
of services and products, the regulatory business environment of the operations within each segment and the Companys organizational and management reporting structure. The Company also reviews construction and development activities for each
of its primary projects under development, some of which have been suspended, in addition to its reportable segments noted above. The Companys primary projects under development are Sands Cotai Central (phases II and III) and Cotai Strip
parcel 3 (included in Other Development Projects) in Macao and the Las Vegas Condo Tower (included in Corporate and Other) in the U.S. Corporate and Other also includes the corporate activities of the Company. The information for the six months
ended June 30, 2011, has been reclassified to conform to the current presentation. The Companys segment information as of June 30, 2012 and December 31, 2011, and for the three and six months ended June 30, 2012 and 2011,
is as follows (in thousands):

Three Months Ended

Six Months Ended

June 30,

June 30,

2012

2011

2012

2011

Net Revenues:

Macao:

The Venetian Macao

$

649,446

$

735,405

$

1,422,206

$

1,373,674

Sands Macao

271,603

330,960

620,686

653,753

Four Seasons Macao

266,137

120,757

565,741

292,864

Sands Cotai Central

265,601



265,601



Other Asia

37,935

32,450

73,503

66,223

1,490,722

1,219,572

2,947,737

2,386,514

Marina Bay Sands

694,762

737,569

1,543,431

1,322,494

United States:

Las Vegas Operating Properties

327,313

332,522

711,916

637,597

Sands Bethlehem

115,096

97,120

230,658

188,150

442,409

429,642

942,574

825,747

Intersegment eliminations

(45,987

)

(41,687

)

(89,094

)

(77,740

)

Total net revenues

$

2,581,906

$

2,345,096

$

5,344,648

$

4,457,015

Adjusted Property EBITDA(1)

Macao:

The Venetian Macao

$

229,241

$

258,366

$

511,174

$

486,766

Sands Macao

71,304

95,573

178,260

188,221

Four Seasons Macao

76,587

37,620

144,106

95,167

Sands Cotai Central

51,838



51,838



Other Asia

(5,955

)

(9,230

)

(11,677

)

(13,836

)

423,015

382,329

873,701

756,318

Marina Bay Sands

330,405

405,359

802,924

689,830

United States:

Las Vegas Operating Properties

64,350

92,909

180,156

158,074

Sands Bethlehem

26,917

21,039

54,419

43,148

91,267

113,948

234,575

201,222

Total adjusted property EBITDA

844,687

901,636

1,911,200

1,647,370

Other Operating Costs and Expenses

Stock-based compensation

(6,338

)

(6,902

)

(15,507

)

(15,197

)

Corporate

(58,592

)

(42,376

)

(107,547

)

(79,952

)

Pre-opening

(43,472

)

(18,178

)

(94,931

)

(27,649

)

Development

(6,797

)

(2,420

)

(7,995

)

(2,993

)

Depreciation and amortization

(220,440

)

(206,161

)

(415,187

)

(396,398

)

Amortization of leasehold interests in land

(10,057

)

(10,034

)

(20,002

)

(23,190

)

Impairment loss

(100,781

)



(143,674

)



Loss on disposal of assets

(482

)

(7,443

)

(1,075

)

(7,942

)

Operating income

397,728

608,122

1,105,282

1,094,049

Other Non-Operating Costs and Expenses

Interest income

6,892

4,028

12,540

6,075

Interest expense, net of amounts capitalized

(64,533

)

(70,592

)

(129,205

)

(144,177

)

Other income (expense)

1,782

1,908

(1,637

)

(2,767

)

Loss on modification or early retirement of debt

(16,403

)



(19,234

)



Income tax expense

(39,085

)

(54,374

)

(102,256

)

(99,585

)

Net income

$

286,381

$

489,092

$

865,490

$

853,595

(1)

Adjusted property EBITDA is net income before royalty fees, stock-based compensation expense, corporate expense, pre-opening expense, development
expense, depreciation and amortization, amortization of leasehold interests in land, impairment loss, loss on disposal of assets, interest, other income (expense), loss on modification or early retirement of debt and income taxes. Adjusted property
EBITDA is used by management as the primary measure of operating performance of the Companys properties and to compare the operating performance of the Companys properties with that of its competitors.

In
February 2008, all of the capital stock of Phase II Mall Subsidiary, LLC was sold to GGP; however, the sale is not complete from an accounting perspective due to the Companys continuing involvement in the transaction related to the
participation in certain future revenues earned by GGP. Certain of the assets, liabilities and operating results related to the ownership and operation of the mall by Phase II Mall Subsidiary, LLC subsequent to the sale will continue to be accounted
for by the Restricted Subsidiaries, and therefore are included in the Restricted Subsidiaries columns in the following condensed consolidating financial information. As a result, net liabilities of $10.2 million (consisting of $257.4
million of property and equipment, offset by $267.6 million of liabilities consisting primarily of deferred proceeds from the sale) and $3.0 million (consisting of $264.1 million of property and equipment, offset by $267.1 million of liabilities
consisting primarily of deferred proceeds from the sale) as of June 30, 2012 and December 31, 2011, respectively, and a net loss (consisting primarily of depreciation expense) of $3.8 million and $7.5 million for the three and six
months ended June 30, 2012, respectively, and $11.1 million for the three and six months ended June 30, 2011, related to the mall and are being accounted for by the Restricted Subsidiaries. These balances and amounts are not collateral for
the Senior Secured Credit Facility.

The Company revised its condensed consolidating statements of cash flows
for six months ended June 30, 2011, to correct the classification of dividends received by Las Vegas Sands Corp. from the Restricted Subsidiaries. The revision was made to appropriately classify dividends received that represent a return on
investment as an operating activity. The revision resulted in an increase of $49.1 million to the Las Vegas Sands Corp.s net cash generated from operating activities for the six months ended June 30, 2011, with a
corresponding decrease to net cash generated from investing activities. The Company will revise the Las Vegas Sands Corp. column in the condensed consolidating statements of cash flows to increase net cash generated from operating
activities by $85.3 million for the nine months ended September 30, 2011, with a corresponding decrease to net cash generated from investing activities the next time they are filed. The Company will also revise the
Restricted Subsidiaries column in the condensed consolidating statements of cash flows to increase net cash generated from operating activities by $60.0 million for the nine months ended September 30, 2011, with a corresponding
decrease to net cash generated from investing activities the next time they are filed. The revision will be made to appropriately classify dividends received by the Restricted Subsidiaries from the non-restricted subsidiaries that
represent a return on investment. These revisions, which the Company determined are not material, had no impact on any financial statements or footnotes, except for the Las Vegas Sands Corp. and Restricted Subsidiaries columns of the condensed
consolidating statements of cash flows.

The condensed consolidating financial information of LVSC, the
Restricted Subsidiaries and the non-restricted subsidiaries on a combined basis as of June 30, 2012 and December 31, 2011, and for the three and six months ended June 30, 2012 and 2011, is as follows (in thousands):